Jun 2003

As the US attempts to establish a new order in Iraq, attention is focused on the country’s oil sector. But it will probably be a decade before Iraq reaches its full potential as one of the world’s top oil producers. David Townsend reports on an uncertain future

As the US tries to re-establish civil, political and economic order in Iraq, several oil companies that signed agreements with the previous regime are waiting to see if their deals will be honoured by a new administration. One such company, Petrel Resources, is confident it will be working in Iraq as soon as order is restored, writes David Townsend

After the tumult of 2001, when the Enron scandal collided with the California energy crisis and the fallout from the 11 September terrorist attacks, bankers active in the energy sector experienced a period of relative calm last year

With the collapse of Andersen and its attendant reorganisation of the sector, new US legislation – designed to prevent another accounting scandal – problems in the UK power sector, asset swaps in the North Sea, the revival of Russia and the financial problems of Latin America, it has been a busy year for most accountants. And it seems certain to stay that way

Power sector distress in the UK and US kept many energy lawyers busy last year, as did increased activity in LNG projects and upstream asset-swaps around the world. Looking ahead, there are hopes for new business from west Africa, Russia and the Middle East, including post-war Iraq. David Townsend reports

The Gulf of Mexico is holding its own as the hub of energy industry activity in the US. Having turned their attention to deep and ultra-deep waters, with some spectacular results, exploration and production companies are returning to the Outer Continental Shelf to probe deep beneath already exploited horizons. Anne Feltus reports

Within a few years, Nigeria should see its oil production capacity rise by a third and its LNG exports double. By the end of the decade – if government plans are fulfilled – it could even be the second-largest oil producer in Opec and the world’s second- or third-largest LNG exporter. Political and tribal tensions, corruption and an ideological resistance to foreign companies being involved in the exploitation of its mineral wealth will be the most likely causes of failure, Martin Quinlan writes

The oil industry, returning from a war footing to business as usual, has time to consider the poor exploration results of 2002. Liz Bossley considers whether drilling for hydrocarbons is the most cost-effective option, when reserves can be bought more cheaply in the market through companies or assets

Against a background of global economic slowdown, M&A activity in Russia’s oil sector is gaining speed, driven by acquisitive domestic companies. But international players are also viewing the country as an increasingly attractive option for reserves replacement, writes Joseph McAllen

The principal concerns raised at the International Energy Agency’s (IEA) bi-annual ministerial meeting were the consequences of production cut-offs in Venezuela and Nigeria, rising oil prices, fear of a supply disruption and the war in Iraq. But other events during the period, such as the temporary shutdown of 20 nuclear power plants in Japan, added to the tension. Helen Avati reports

Singapore has been reforming its electricity sector over the last decade: how is SWEM, its wholesale market, faring?By Jeremy Wilcox energy consultant

One of the first countries to reform and deregulate its electricity industry,New Zealand is now labouring under insufficient generating capacity, not enough fuel and an erratic transmission system. What happened?By Bryan Leyland - Sinclair Knight Merz

Detractors have questioned Europe's ambitious renewable energy targets. The EU is confident, however, that it has developed the strategies to achieve themLoyola de Palacio Vice-President of the European Commission responsible for energy and transport

The energy industry has been in a spin with the rash of corporate scandals that have broken out. How can it effectively manage corporate risk?By Bob Bridger - Vedaris